Four drivers kept the energy crisis from exploding — for now

The Conversation AU reports that despite warnings of the worst energy crisis from the US–Iran conflict, four factors kept shocks at bay: markets subdued by expectations the war would end soon, other producers boosting exports, demand falling as prices rose, and large stockpile releases filling the gap. However, supplies remain tight, stockpiles are near multi‑year lows, and if the conflict drags on, a true global energy crunch could return—especially as the US heads into peak driving season.